KPMG in the U.S. posted a 12% revenue increase, to $6.9 billion, for its 2014 fiscal year. These results capped a 12-month period distinguished by the aggressive addition of both campus and senior-level talent; significant investments in audit quality, key services and markets; and a surging ranking on FORTUNE magazine’s list of “100 Best Companies to Work For” that topped its Big Four accounting firm peers.
“Fiscal 2014 was an exceptional year for KPMG by every major measure,” said John Veihmeyer, KPMG’s Global Chairman and Chairman and CEO in the U.S. “Our commitment to a culture built on collaboration, professionalism, integrity, innovation, and quality growth gave us a strong foundation from which we addressed the complex needs of our clients and rapidly grew our business. Most importantly, our continued growth enabled us to succeed in the attraction and retention of talented professionals.”
According to analysis by industry publications Accounting Today and International Accounting Bulletin, KPMG’s 12% year-over-year revenue growth makes it the fastest growing Big Four firm in the U.S. Each of KPMG’s three primary businesses contributed to the strong growth. Revenue from its Advisory business grew 18% in fiscal 2014; with 7% growth recorded in Audit; and 10% in Tax.
KPMG has been adding to the strength of its professional team, even as it continues to create opportunities for its people. In the past fiscal year, KPMG hired 7,000 new people, helping to grow its talent base to more than 27,000 professionals across the U.S; while its new-partner class was 50% larger than the previous year.
In 2014, KPMG was recognized by industry analysts as a market leader in numerous industries and fast-growing markets, including information security, financial management, risk consulting, strategy consulting, and HR transformation. More recently, the firm was recognized as a leader in business consulting services worldwide, as well as IT consulting to energy and utilities companies. Another major analyst highlighted the organization’s expertise in workforce strategy.
In an increasingly complex and global marketplace, KPMG is “continually working to improve audit quality in the profession overall,” Veihmeyer added. “For example, KPMG’s expanding data and analytics (D&A) capabilities and competencies will enable our auditors to provide deeper and more relevant insights about an organization’s financial condition and performance – while continually enhancing audit quality. And, today, D&A skills are a prime consideration when we recruit, hire, and develop talent.”
As companies continue to transform their operations as a result of regulatory changes and technology advancements, KPMG also continues to aggressively invest to strengthen and build capabilities across a number of priority industries where change and opportunity are most pronounced – including financial services, healthcare, industrial manufacturing, government, and energy. In addition, the firm launched “KPMG Strategy” in 2014, significantly strengthening the organization’s ability to deliver end-to-end strategy services globally.
In fiscal 2014, KPMG further enhanced its level of inorganic investment. The firm completed a number of strategic acquisitions that significantly strengthened its skills and capabilities – in areas such as business transformation, cyber security, customer analytics, digital and mobile technologies, as well as alternative investments.
Other recent achievements:
For the eighth time in nine years, KPMG was named one of the country’s “100 Best Companies to Work For” by FORTUNE magazine, advancing 17 spots to No. 63 on this prestigious annual list – the highest ranking of any Big Four accounting firm.
KPMG, together with the PGA of America and LPGA, announced the KPMG Women’s PGA Championship, which will develop, advance, and empower women on and off the golf course, by bringing together a world-class, annual major golf championship with a women’s leadership summit and an ongoing charitable initiative.
KPMG continued its highly-successful program to combat childhood illiteracy, “KPMG’s Family for Literacy” (KFFL). Through KFFL, over 2.4 million new books have been distributed to children in need over the last six years.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the US.